Will Shiba Inu rally towards the $0.000040 soon?
The leading meme coins have been performing well over the past few hours and could extend gains if the rally continues.
The cryptocurrency market has been experiencing a mixed performance over the past few hours, with the prices of some coins currently bearish.
However, the crypto market cap is still around the $2 trillion mark despite the mixed performance. Bitcoin is trading around the $42k mark after failing to top the $45,000 resistance level.
Ether, the second-largest cryptocurrency by market cap, is trading around $3,200 and has been down by less than 1% in the last 24 hours.
SHIB, the native token of the Shiba Inu ecosystem, is one of the top performers amongst the leading cryptocurrencies. SHIB has added more than 5% to its value in the last 24 hours and is currently trading at the $0.000031 level.
If the market condition can be sustained, Shiba Inu could record further growth in the coming hours and days and trade above the $0.000040 for the first time in months.
Key levels to watch
The SHIB/USD 4-hour chart is bullish at the moment, following the cryptocurrency’s performance over the past few days. The MACD line crossed the neutral zone and is now within the positive territory.
The RSI of 54 shows that SHIB has left the oversold region and could be overbought if the market conditions remain the same. The technical indicators show that SHIB is performing well and could record further gains in the coming hours and days.
If the bulls remain in control, SHIB could surpass the $0.000037 resistance level over the coming hours. Unless there is an extended bullish performance, the second major resistance level at $0.000045 should cap further upward movement.